Case 3: Manufacturer registered VAT Only – This will cover SSI dealers opting out of excise. This will also cover manufacturers exempt from excise and not registered under excise.
⛳ Return filed under VAT shows outstanding/ excess/ unutilised balance of input tax credit
🌴 The excess input tax credit reflected in the return filed for period ended 30th June, 2017 to be carried forward under GST.
🌴 GST FORM TRAN-1 to be filed by 28th Sep, 2017. Commissioner may extend this timeline by another 90 days.
🌴 The GST FORM TRAN-1 to specify separately the details of stock held on the appointed day.
🌴 In case of capital goods, he will have to submit the declaration specifying:
(a) Amount of credit already availed in the current law.
(b) Amount of credit yet to be availed under the existing law and which he intends to avail under GST.
🌴 Excess VAT Credit (shown in VAT Return) shall be carried forward as SGST.
⛳ The balance is not allowed to be carried forward in following cases:
🌴 The Credit is not admissible in the GST Law.
🌴 All returns for 6 months have not been duly filed under the VAT law.
🌴 VAT Credit attributable to claims related to sales under Form C, F, E, H or I etc. not to be allowed unless the forms are duly made available.
⛳Return filed under VAT does not show outstanding balance of input tax credit
🌴 No credit shall be carried forward under GST.
🌴 No requirement to file any detail with respect to the stock in GST FORM TRAN-1.
⛳Excise duty, Additional Excise Duty, CVD and SAD in respect of raw materials, finished/ semi-finished stock held on 30th June, 2017
🌴 Credit of Excise and other related duties allowed (Conditions-Used for Taxable Supplies, Eligible for ITC in GST).
🌴 Duty paying documents/ Possession of invoice are essential.
🌴 Date of issue of such invoice must be on or after 1st July, 2016.
🌴 The said goods must be sold on or before 31st Dec, 2017.
🌴 GST FORM TRAN-1 to be filed by 29th Sep, 2017.
🌴 The GST FORM TRAN-1 to contain details about the stock held on 30th June, 2017 and about the credit claimed.
🌴 Opening Credit as on 1st July 2017 shall be shown as CGST.
CA. SHARMA Praveen
GST Trainer & Consultant
+91 9871530610, 8383073005